SOURCE: Virtual Premise, Inc.

September 17, 2007 06:04 ET

Virtual Premise Releases Enhanced Percent Rent Functionality in Its VP Retail Edition™

TUSCON, AZ--(Marketwire - September 17, 2007) - National Retail Tenants Association - Virtual Premise, Inc. announced today many new enhancements to its Percent Rent management, calculation, processing and reconciliation functionality offered in the VP Retail Edition™.

Designed to meet the needs of its rapidly growing retail real estate customer base, Virtual Premise completely redesigned its Percent Rent functionality to accommodate complex retailer percent rent scenarios and to interface with customer Point of Sale and Accounting systems.

Some of the enhancements to the Percent Rent functionality include automatic generation of breakpoint schedules, exclusion tracking with cap calculations, automatic calculation of state rent taxes, and an intuitive interface for processing accruals and payments. The enhancements take advantage of existing accrual and journal entry capabilities of the VP Retail Edition™ which can be interfaced directly to the corporate general ledger.

Portfolio settings include percent rent deductions and exclusion types, sales categories and sales reporting preferences. Lease settings include calculation frequency, breakpoint pro-ration methodology, and a year end reconciliation option. By leveraging the security and workflow processing capabilities of the VP Retail Edition™, percent rent accruals and payments can be easily processed across the portfolio. The new user interface presents all of the details needed for validating calculations and approving payments.

"These new percent rent enhancements give us a significant advantage over our competitors," says Mike Pascale, Chief Product Officer at Virtual Premise. "Feedback from our existing customers has been exceptionally positive. They really like that they can automatically import information from other systems, that they never have to duplicate data entry, and that they can rely on the system to automate tasks that must be done manually in other systems. These new enhancements will generate tremendous savings in time and money for all of our customers."

About Virtual Premise, Inc.

Virtual Premise, Inc. (, Atlanta, GA, is the leading provider of web-based Real Estate Information Management Software for Corporations, Retailers, Landlords and Commercial Real Estate Service Providers. Key Products include Portfolio Management, Lease Management, Lease Administration, Project Management, Transaction Management, and Document Management. Virtual Premise also offers a wide range of supporting services to include Lease Abstracting, Data Entry, File Review and Organization, Document Scanning and Indexing, Data Integrity Sampling, Due Diligence and Data Audits.

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